ENCANA SELL WYOMING. WHO BUYS?
REUTERS. Canadian oil and gas producer Encana Corporation is in advanced talks to sell its Wyoming natural gas field to private-equity firms Carlyle Group LP and NGP Energy Capital Management LLC for about $2 billion, the Wall Street Journal reported on Sunday, citing unnamed sources.
The company has been looking to sell its holdings in the so-called Jonah field as it shifts its focus away from natural gas to drilling for more valuable oil and natural gas liquids, the report said.
"We are testing the market in a few areas but are not providing comment on any specific assets at this time," an Encana spokesman said.
The Carlyle Group was not immediately available for comment.
The Carlyle Group acquired a 47.5 percent stake in energy investor NGP Energy Capital Management for $424 million in December 2012 to boost its natural resources investments.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.